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The financial market turmoil in the U.S. and most other developed countries will have a significant impact on U.S. agricultural exports and imports in dollar terms, but much less in volume. The relative levels of exports by commodity and country are likely to be little changed from the forecast released by USDA in late August for fiscal year (FY) 2009 that began on October 1.
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U.S. Trade Representative Susan Schwab recently announced the launch of negotiations for the U.S. to join the Trans-Pacific Strategic Economic Partnership (TPSEP), a comprehensive free trade agreement (FTA) involving Brunei, Chile, New Zealand and Singapore. Working out an actual agreement would be done by the new government that takes over in January 2009. The negotiations are more than wishful thinking and vital to U.S. economic growth through expanded trade.
U.S. Agriculture Secretary Ed Schafer led a trade and investment mission with 17 U.S. agribusinesses to Central America to meet with 70 local companies from CAFTA-DR countries. The seven countries (the U.S., Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua) signed the Central American – Dominican Republic Free Trade Agreement (CAFTA-DR) in August of 2004. Agricultural trade was already growing between the U.S. and the six countries and has since accelerated.
U.S. and Chinese government officials just completed the 19th meeting of the U.S.-China Joint Commission on Commerce and Trade (JCCT). This year was the 25th anniversary of the first JCCT meeting in 1983 as a dialogue for resolving trade issues and developing bilateral trade opportunities. No major breakthroughs occurred at the meeting, which is good news and bad news.
As the first year of free trade in agricultural products between Mexico and the U.S. under NAFTA moves toward the end, the Mexican government is more concerned about high food prices than increased imports from the U.S. This is not unique among middle income developing countries with a growing urban middle class facing higher food costs. The government is committed to maintaining current prices on 150 products through the end of the year.
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